Caza Oil & Gas puts a Texas property up for sale

IainPackham

LONDON (MarketWatch) -- Caza Oil & Gas Inc. (CAZ.T) Thursday said it has put its San Jacinto Property in Midland County, Texas, up for sale in order to further develop its existing assets and to pursue even more favorable investment opportunities.

The firm cited attractive land prices at the nearby Wolfberry properties.

Caza has listed the property with the Oil & Gas Asset Clearinghouse, a leading oil and gas property marketing and advisory firm, to determine the level of interest in the current market. Caza noted that if forthcoming offers don't meet expectations, it may keep the property.

Chief executive Michael Ford said: "We are very pleased with the progress made at San Jacinto and recognize that there is a strong and growing market for this type of asset."

The San Jacinto property covers around 480 acres with wells 3401 and 3402 combined to produce around 15,000 barrels of oil and 23 million cubic feet of natural gas since August 2011.

Caza currently has an 85% working interest in the Caza Elkins 3401 well with a 63.75% net revenue interest. In all subsequent wells on the San Jacinto property, including the Caza Elkins 3402 well, Caza has a 75% working interest and a 56.25% net revenue interest.

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